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Marx's Theory of Value, Exchange and Surplus Value: A Suggested Reformulation

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  • Cartelier, Jean

Abstract

This paper attempts to evaluate the consistency of the theoretical propositions inherent in the main concepts of Marx's theory of exchange and surplus-value. The principal contention is that an internal criticism of Marx's theory leads one to restate it in a different framework. This framework, which may be called the "monetary approach," represents an alternative to the theory of value. Marx did not succeed in deriving the concept of money from that of commodity. As a consequence, money has to be presupposed at the very outset, departing from the typical abstraction of the theory of value. The paper points out the logical inconsistencies which make the theory of surplus-value unsuitable for its intended purpose. A reformulation is suggested in which the monetary character of economic relations is again central. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Cartelier, Jean, 1991. "Marx's Theory of Value, Exchange and Surplus Value: A Suggested Reformulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 15(3), pages 257-269, September.
    • Handle: RePEc:oup:cambje:v:15:y:1991:i:3:p:257-69
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    Cited by:

    1. Jean Cartelier, 2006. "Comptabilité et pensée économique. Introduction à une réflexion théorique," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 1009-1032.
    2. Nenovsky, Nikolay, 2018. "Парите Като Координация На Стоковото Стопанство. Стари И Нови Прочити На Теорията На Маркс [Money as coordination, new and old readings of Marx]," MPRA Paper 85295, University Library of Munich, Germany.
    3. Eduardo Bolaños Cerón & Alexander Tobón Arias, 2001. "Un mecanismo de precios para la teoria del valor," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 55, pages 31-68, Julio Dic.
    4. Alejandro Sancho, 1997. "Excedente, valor y distribución en las teorías clásica y marxista del crecimiento," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 24(41), pages 105-128.
    5. Eduardo Garzón Espinosa & Esteban Cruz Hidalgo & Bibiana Medialdea García & Carlos Sánchez Mato, 2023. "The “Control Space†of the State: A Key Element to Address the Nature of Money," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 448-465, September.
    6. Jean Cartelier, 2017. "About Waged Labour: From Monetary Subordination to Exploitation," Economic Thought, World Economics Association, vol. 6(2), pages 27-36, September.
    7. Nenovsky, Nikolay, 2019. "Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 2. The theory of money without the theory of value [La monnaie comme dispositif de coor," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    8. Stavros Mavroudeas, 2017. "Is Cartelier's Monetary Approach a Convincing Alternative to the Labour Theory of Value? A Comment," Economic Thought, World Economics Association, vol. 6(2), pages 45-52, September.
    9. Stefano Perri, 2003. "The Counterfactual Method of Marx's Theory of Surplus," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 107-124.

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